All Forum Posts by: Account Closed

Hey guys, this is a great topic. I'm trying to get an absentee list to buy my primary residence. Would the 1-60% LTV be the same as searching for 40% equity and up?

Great advice Jon,I always appreciate your perspective. This house is gorgeous, the school system is great and it's near everything we want. Our dream home is going to be a mansion(mini) huge lot, basketball court maybe gated, etc. we have plans for that house but we want to build and expand our business before we buy this home. It's not dependent upon us being to make money on this house but we don't want to have to pay to move. (I don't want to struggle to get what we paid for it)
Also what benefit is there to us by putting 20% down. Our goal is to pay off the house in 8 years using my bonuses from work and some business profits. I just don't want this house hurting me down the line because we bought at fmv. Please let me know if I'm missing something or if there's something I'm not considering. Thanks guys

Thanks Alan. I appreciate that input. We definitely love the house. The question for me would be how much money can I save(which will help if the market slips and/or when we sell) by buying a foreclosure or reo. Is it worth it?

Hey everyone,

I'm having a huge problem. My wife and I are shopping for a house. Originally we started out to find a distressed property to fix up so we could get an awesome deal and have everything we want. Then we started looking at listed homes and I thought we could get a deal going with a short sale or Reo. None of that seems to be working because it seems like when agents are involved we end up at fair market price. Now we're looking at a home that we love but its at fmv. This is a beautiful home but not our dream home which we want to buy in 6-8 years and we're getting an FHA loan. I'm just worried that we're buying this place too high. Should I switch plans. The realtor is telling me theres a good chance the neighborhood will go up. It's definitely one of the nicest but what do you guys think. Is this the way to buy a house?

Michael, this is great brother, I'm kind of gung hoe with my marketing right now. I just dropped about 250 absentee letters and about 150 inherited letters. I have to ask how you handle all this volume man, do you have a partner or do you work solo? I know you're in the game fulltime but with that many properties to look at, I would think it would be difficult. At these numbers, I see how you're able to do 200 deals per year.

J Scott Brian Hoyt, Thanks

Thanks Joe, Im on it. Im going to spend time studying this and im going to study all the rehab material I can find. Im most likely going to buy Fortune Builders rehab course. Basically my goal is to be as prepared as possible for building this aspect of my business. Im excited about learning these things. The biggest challenge for me will be learning material and labor costs.

When you're going to rehab a place do you measure every room in the house everytime? Also how do you get the accurate square footage of the house? Even if you guys could direct me to the resources that help people learn this stuff I would appreciate it. I was never a handy man type so this is all new for me. I dont want to do the work myself either but i do want to know what the work should consist of and what it should cost. Thats my goal. Thanks to everyone for their wisdom and opinions

We have 2 different goals. i realize J scott has done some successful deals, thats great, but i know we have 2 different gaols. Like one guy has a goal to make it into the nfl. Another guy has a goal of being one of the best in his position in the nfl. Sure people from the outside looking in might say "oh, but he's in the nfl". That doesnt mean much to the guy who just came into the league, is hungry and sees that most people are complacent and just happy to be in the game. They dont care about much else. No problem but we're not the same. I cant help the fact that I just started but I love this forum. Glad you guys are in the game. God bless.

@j scott, after reading your last post, thank you. God bless.

@ J scott I see what the issue is bro, you have a scarcity mentality. You might not agree with me but it is absolutely true. Whatever you believe is not necessarily true nlbut it is true in your world. You see all the resources running out. You believe there is barely enough for you to prosper. You see the deals as being limited. I see things the exact opposite. I believe there are more than enough sellers for us to do a couple of deals per month. Will we lose some, absolutely. Willwe have to market to thousands to get a handful of deals, absolutely. Are we prepared to do that, absolutely.